Friday, April 17, 2009

Oil Fund (USL) Rising 50-day MA

Since late March the 50-day MA of the USL has steadily risen as oil lingered around $50 a barrel. Unfortunately, USL has lots much of its competitive edge over its sister ETF, USO with both only accounting for about 60% of Oil's price.


However, each ETF are showing strong characteristics of a bottom with the 200-day MA a logical target (much as copper prices are demonstrating now)

Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.
 
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